TSLA - Nvidia crosses $1T market cap powered by the rise of AI

2023-06-14 05:17:31 ET

Nvidia ( NASDAQ: NVDA ) ended Tuesday's trading session with a market cap of over $1T and in the process became the seventh U.S. company in history to do so.

Nvidia's stock rose +3.9% on Tuesday to end the day with a market cap of $1.01T.

Previously, Apple ( AAPL ), Microsoft ( MSFT ), Amazon.com ( AMZN ), Google parent Alphabet ( GOOGL )( GOOGL ), Tesla ( TSLA ), Meta Platforms ( META ) had breached the $1T mark. However, Facebook parent Meta, and Tesla are no longer part of this club.

At the end of May, Nvidia's stock had also touched the $1T market cap barrier. YTD, Nvidia's shares have surged ~186% riding on the artificial intelligence (AI) wave, stunning the market with its meteoric rise, while the S&P 500 has gained ~14%. See chart here .

The Santa Clara, Calif.-based chipmaker had gained ~25% after its Q1 results and guidance that shocked Wall Street.

The company also made a flurry of announcements at the end of May related to a several products and services tied to AI, like an AI supercomputer platform called DGX GH200, developing a hyperscale generative AI supercomputer called Israel-1 in Israel, collaborating with SoftBank ( OTCPK:SOBKY ) ( OTCPK:SFBQF ) on a platform for generative AI and 5G/6G applications, among other things.

More on the AI Boom

• Can Nvidia Stock Price Reach $500? Yes, It's All About AI
• Battle For Silicon Supremacy: Nvidia's Potential Paths In The Coming Decade
• AI Cannot Be Slowed Down - With Ramy Taraboulsi And Kirk Spano
• Microsoft And AI Development
• Google: Massive AI Potential Is Underrated

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